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Buying a house from foreclosure listings in Cape Breton NS may be a great way to buy a home or investment property at a huge discount! So, why don’t more people benefit from this untapped market of houses? Largely this is because of lack of knowledge about the method or fear from misinformation they may have heard about buying a foreclosure. Foreclosuresearch.ca is a fantastic resource to learn all about the foreclosure market and how best to negotiate a deal that suits your unique needs. Foreclosures no longer are frightening! Thousands have been assisted, so why not you?

How can I find Cape Breton bank foreclosures?

I use Foreclosuresearch.ca for my foreclosure needs because it is a one stop shop so to speak for education and learning about the market and the Cape Breton foreclosures procedure as well as lists of available properties in Cape Breton Nova Scotia with images and descriptions.

This saves me a bunch of time and effort. I don’t have to search the internet for hours looking at different Realtors websites combing through houses that are not foreclosures or don’t fit what I am looking for.

Even many Realtors have started to use their website to find the absolute BEST deal for their clients! If a real estate professional depends on www.foreclosuresearch.ca, then I know I made the right decision.

Other options for finding foreclosed apartments in Cape Breton is to speak to your local bank to see if they are holding properties in their portfolio or to contact a local Realtor that concentrates in foreclosure listings. Many Realtors will list whatever property they can get their hands on but they may not be well versed in the foreclosure purchasing process so you need to be informed before going in. More information for home buyers can be found at NSREC – Consumers

 

Cape Breton NS foreclosure listings

Nova Scotia Foreclosure Listings

How to buy a foreclosed house with bad credit

Let me start by saying that purchasing a foreclosed house in Cape Breton with bad credit is feasible!

You have the choice to buy a property for cash at a real estate auction. Your credit doesn’t play a factor at all because you are not taking out a loan. Not everyone has this kind of money lying around though so lets consider other options.

Research federal home buying programs. After the global economic crisis the last couple of years, banks have started to ease their lending requirements again at the prompting of governments to allow homebuyers the option of experiencing homeownership. There are many programs offered again to aid those with low incomes or bad credit to buy homes. Your local housing authority department should be able to help if you don’t find what you need online.

Search for buildings in your area and try to find loans with low down payments. Save up money for your down payment but expect to pay a slightly higher interest rate thanks to your lower credit score. You should be able to refinance in a couple of years after making on time payments to get a lower rate.

How you can buy a foreclosed condo in Cape Breton, NS

The initial step is to get pre approved for a mortgage through a bank of your choosing or scrape together enough money to buy a house through an auction for all cash.

Next, find condos in Cape Breton, NS that you are interest in. I use Foreclosuresearch.ca for this.

Find a Realtor that focuses in Cape Breton foreclosures and will be able to help you through the method of buying.

If you have questions about the process, I would consider speaking with a real estate or foreclosure attorney before purchasing to make sure you understand the process and the ramifications of purchasing foreclosed properties.

One thing that ought to be considered before you buy is that some foreclosure properties are not open to having a home inspection done before buying and/or the bank that owns the property may not agree to make any repairs. This could end up costing you some money to ensure the repairs after purchasing. This is the only downside in my opinion when buying foreclosed homes

How long does it take to buy a Cape Breton foreclosure or distress sale?

This hinges on how you are buying the residence. Properties that are bought in cash at an auction are turned over within a week or two maximum depending upon how long it takes your funds to move to the bank and the title to be completed. Personally, I have had properties transfer to me within three days in most cases.

If you are buying a property through a mortgage then the closing process takes a small amount longer. My practical experience has been about thirty days to closing, which is pretty standard when purchasing a property. The key is to obtain your down payment to the bank quickly and line up monies to pay for your closing costs. Any paperwork that the bank sends you should be filled out immediately and sent back to expedite the process.
Are there reasons not to buy a bank foreclosure?

Foreclosed houses are usually sold “as is,” suggesting the bank is not willing to make any repairs before selling the property. This means that any repairs could fall back upon the new owner to correct. Sometimes the repairs are trivial and other times they are serious.

Often a foreclosed property has sat vacant for a while so maintenance has been ignored and will need to be taken care of immediately.

Sometimes, just because the title has transferred to a new owner doesn’t mean that all concerns have vanished. This is the importance of having a title search done prior to buying a property due to the fact that liens or lawsuits could be attached to the property and you could inherit them without knowing it.

How to negotiate for bank owned homes.

Patience is key here! The bank is in business to make money so they will be trying to get the highest possible price for the house that they can.

Bear in mind that dealing with banks is a mechanical process and usually handled by computers and not actual people. This can be annoying for you the buyer but it is what it is. Eventually if you are persistent the bank will very likely cave if they have no other offers because they realize they need to transfer the property quickly.

Are bank owned homes ideal or awful? This entirely relies on your goals and the risk level that you are willing to accept. If you are able to take on the probable repairs yourself and not count on the bank to pay for them then this is a good deal! Just remember to do your prep work on foreclosures and on your property before purchasing to know really what you are getting into.